Used primarily in organic synthesis and materials science, this compound serves as a key intermediate in the development of pharmaceuticals and bioactive molecules. Its rigid polycyclic structure and nitrogen-containing heterocycle make it valuable in constructing complex ring systems found in medicinal agents. It is also employed in the design of fluorescent dyes and optoelectronic materials due to its extended π-conjugation, which supports light absorption and emission properties. Additionally, derivatives of this compound are explored in coordination chemistry as ligands for metal ions, enabling catalytic applications in asymmetric synthesis. Its structural motif appears in research targeting central nervous system agents, where it contributes to modulating biological activity through interactions with neurotransmitter receptors.